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ADB to allocate loan for solar power plant construction in Azerbaijan

31 March 2022 16:13 (UTC+04:00)
ADB to allocate loan for solar power plant construction in Azerbaijan

By Ayya Lmahamad

The Asian Development Bank (ADB) will provide a $23.2 million loan to Masdar Azerbaijan Energy for the construction and operation of the 230 MW Garadagh solar power plant in the country, local media has reported.

It should be noted that Masdar Azerbaijan Energy is a company registered in Azerbaijan to implement the project for the construction and commissioning of the Garadagh solar power plant.

Based in the UAE, Masdar is a regional leader and a major international player in renewable energy and sustainable urban development.

Earlier, the European Bank for Reconstruction and Development (EBRD) also expressed readiness to grant a long-term loan of up $51 million for the development, construction and operation of the Garadagh solar power plant. The Bank’s board of directors will consider the approval of the loan on April 27.

On March 15, Baku's Gulustan Palace hosted the groundbreaking ceremony for the 230 MW Garadagh solar power plant.

Masdar, a company based in the United Arab Emirates, will construct the plant. The project's investment cost will be around $225 million.

The plant is designed to produce 500 million kWh of electricity per year and supply it to approximately 110,000 households. Furthermore, the plant will reduce gas consumption by 110 million cubic meters and environmental emissions by 200,000 tons. Over 500,000 solar panels are expected to be installed.

The solar power plant is scheduled to be put into operation by the end of the first half of 2023.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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